Petrol and diesel to be costlier

KT NEWS SERVICE. Dated: 5/29/2020 11:30:27 PM

JAMMU, May 29: Government today increased the rate of tax on sale of petrol and diesel in J&K by Rs. 2 per litre and Rs 1 per litre respectively.
The new rates will be effective from June 1, 2020. The tax increase on petrol and diesel in J&K follows a similar move by the neighbouring states of Punjab, Haryana and Delhi last month. Himachal Pradesh has also enhanced rates on the sale of diesel and petrol effective from 1st June 2020. A notification issued by FC Finance Department in this regard reads “In exercise of the powers conferred by Section 3 and 3 A of the Jammu and Kashmir Motor Spirit and Diesel Oil (Taxation of Sale) Act Samvat 2005 and in supersession of all the previous notifications on the subject, the Government hereby direct that tax and surcharge on sale of Motor Spirit (Petrol) and Diesel Oil shall be levied at the rate of 24% minus Rs 0.50/ litre and Rs 5 per Litre surcharge (Motor Spirit-Petrol) and 16% rate of Tax and Surcharge of Rs. 1.5 per litre (Diesel Oil), respectively.

 

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